Wrapping a YouTube Video in my own JWPlayer

I've been experimenting with using JWPlayer to wrap a public Youtube video i my own player (in the hopes of being able to include my own caption file which the YouTube vide does not include.)

I'm unable to get the embed code working though. When I walk through the JWPlayer workflow and provide the youtube like, it does play at the customization step. But then, when I try to use the embed code provided, the player cannot find the video. I'm not sure where to go from here. Any ideas?